董驰，2016年获马来西亚理科大学金融学博士，现为河北大学经济学院教师、金融专业硕士研究生导师、河北省区域经济发展研究院（HIRED）研究员、《南洋商报》（财经版）“一带一路”特约研究员及亚洲管理学会（Asian Academy of Management）评审。
主要从事行为金融、证券投资、金融市场和区域经济的研究，主持和参与省部级课题多项，主编教材《行为金融学》一部，在国内外重要期刊上发表论文多篇。

Chapter 1 Introduction
1 Research Background
1.1 Efficient Markets Hypothesis and Information
1.2 The Process of Information Diffusion
1.3 Internal Determinants of the Process of Information Diffusion
1.4 External Determinants of the Process of Information Diffusion
1.5 Industry Factor and Information Diffusion
1.6 Policy Changes in Chinese Stock Market
2 Motivation
3 Problem Statement
4 Research Questions
5 Research Objectives
6 Significance and Contributions of the Study
7 The Organization of the Study
Chapter 2 Chinese Stock Market
1 Introduction
2 The Stock Exchanges in China
3 The Classification of Stocks in Chinese Stock Market
3.1 The Tradable and Non-tradable Stocks
3.2 Class A and Class B Shares
4 The Market Participants in Chinese Stock Market
4.1 Domestic Individual Investors
4.2 Domestic Institutional Investors
4.3 Foreign Investors
5 The Distinctive Characteristics of Chinese Stock Market
5.1 Price Limit
5.2 〝T+1〞 Trading Institution
5.3 Low Transaction Cost
5.4 Independence from US Market
6 Policy Reforms in Chinese Stock Market
7 Summary
Chapter 3 Literature Review
1 Introduction
2 Overview of Efficient Market Hypothesis
3 Gradual Information Diffusion
4 Internal Determinants of the Process of Information Diffusion
4.1 Firm Size
4.2 The Level of Analyst Coverage
4.3 The Level of Institutional Ownership
4.4 Trading Volume
4.5 Book to Market Ratio (B/M)
5 External Determinants of the Process of Information Diffusion
5.1 Short Sale Restriction and Information Diffusion
5.2 Market Conditions and Information Diffusion
5.3 Policy Changes and Information Diffusion
6 Information Diffusion and Industry Factor
7 Research Framework
8 Research Hypotheses
8.1 Intra-industry Information Diffusion and Firms' Specific Characteristics
8.2 Intra-industry Information Diffusion and Market Conditions
8.3 Intra-industry Information Diffusion and Policy Changes
9 Summary
Chapter 4 Methodology
1 Introduction
2 Data
2.1 Sample Period
2.2 Sample Selection
3 Sorting Methods
4 Measurements of Variables
4.1 Stock Return
4.2 Market Return
4.3 Firm Size
4.4 Trading Volume
4.5 Book to Market Ratio (B/M)
5 Examining Internal Determinants of Intra-industry Information Diffusion
5.1 Testing on Vector Auto-regression (VAR)
5.2 Testing on Panel Vector Auto-regression (PVAR)
5.3 Test of Intra- and Inter-industry Information Diffusion
6 Investigating Information Diffusion in Different Market Conditions
7 Investigating the Impacts of Policy Changes on the Information Diffusion
8 Summary
Chapter 5 Empirical Results
1 Introduction
2 Examining Internal Determinants of Intra-industry Information Diffusion
2.1 Firm Size
2.1.1 Summary Statistics
2.1.2 Vector Auto-regression for Firm Size
2.1.3 Panel Vector Auto-regression for Firm Size
2.1.4 Summary
2.2 Trading Volume
2.2.1 Vector Auto-regression for Trading Volume
2.2.2 Panel Vector Auto-regression for Trading Volume
2.2.3 Summary
2.3 B/M Ratio
2.3.1 Vector Auto-regression for B/M Ratio
2.3.2 Panel Vector Auto-regression for B/M Ratio
2.3.3 Summary
2.4 Test of Intra- and Inter-industry Information Diffusion
2.5 Finding Summary
3 Intra-industry Information Diffusion and Market Conditions
3.1 Information Diffusion and Shorter Horizon of Market Condition
3.2 Information Diffusion and Longer Horizon of Market Condition
3.3 Robustness Check
3.3.1 Robustness Check for Trading Volume Portfolios
3.3.2 Robustness Check for B/M Ratio Portfolios
3.4 Finding Summary
4 The Impacts of Policy Changes on the Intra

本书聚焦于行业内部，使用面板和条件VAR模型，系统地研究了中国股票市场的信息扩散问题。本书发现，中国股票市场的信息扩散是一个渐进的过程。公司规模、交易量、账面市值比等内部因素都可以影响信息扩散的过程。而市场条件的不同和政策的改变作为外因，也可以影响信息的扩散。本书在理论上继承了行为金融学对传统有效市场理论的批判，在实践中也为投资者提供了一些切实可行的操作思路。